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BWX Technologies, Inc. (BWXT) is a premier provider of nuclear components and fuel to the U.S. government. The company is renowned for its technical expertise, management, and site services, supporting government operations of complex facilities and environmental remediation activities. BWXT also plays a critical role in the commercial nuclear power industry, offering precision-manufactured components and specialized services.
Headquartered in Lynchburg, Virginia, BWXT has a significant presence with operations in Erwin, Tennessee; Mount Vernon, Indiana; Euclid, Ohio; Barberton, Ohio; Cambridge, Ontario, Canada; and over a dozen U.S. Department of Energy sites around the country. It employs more than 5,200 skilled professionals dedicated to advancing nuclear technology and safety.
BWXT operates in two main segments: Government Operations and Commercial Operations. The Government Operations segment encompasses the legacy Nuclear Operations Group and Nuclear Services Group, focusing on advanced reactor projects and innovative manufacturing techniques. The Commercial Operations segment includes the legacy Nuclear Power Group, which engages in research, development, and commercialization of medical and industrial radioisotopes and radiopharmaceuticals.
The company’s financial health is robust, with a majority of its revenue generated from its Government Operations segment. BWXT’s strategic partnerships and projects aim to enhance its market presence and technological capabilities. Geographically, while the company operates in the United States, Canada, and the United Kingdom, the bulk of its revenue comes from the United States.
Recent achievements highlight BWXT's commitment to innovation and excellence. The company continues to secure significant contracts, invest in cutting-edge technologies, and expand its services in the nuclear sector. These efforts underscore BWXT’s pivotal role in both government and commercial nuclear projects.
NuScale Power is enhancing its manufacturing process at BWXT Canada Ltd.'s facility in Cambridge, Ontario, focusing on the fabrication of its NuScale Power Module™. This step is significant for the development of small modular reactor (SMR) technology and showcases NuScale's effort to establish a robust Canadian supply chain. BWXT Canada was engaged for an 18-month design contract, with further manufacturing agreements expected. The company emphasizes its capacity to source 80% of the plant components locally, aiming for Canadian deployment of the SMR technology by 2028.
BWX Technologies, Inc. (NYSE: BWXT) has secured a contract from Bruce Power worth approximately CA$40 million for the supply of four moderator heat exchangers. The contract will be implemented by BWXT Canada Ltd. at its Cambridge, Ontario facility, covering engineering and fabrication. Deliveries are planned for 2024 and 2025. This contract is expected to support a significant number of skilled jobs at BWXT’s Cambridge operations, contributing to reliable and non-emitting electricity generation in Ontario.
BWX Technologies reported Q2 2021 revenue of $505 million, unchanged from Q2 2020. Net income was $59.3 million or $0.62 per diluted share, down from $64.3 million or $0.67 per diluted share last year. The Nuclear Operations Group saw a 7% revenue decrease to $381 million, while the Nuclear Power Group's revenue surged 50% to $102 million. Despite cash from operations falling to $59.9 million from $162 million in Q2 2020, BWXT declared a quarterly dividend of $0.21 per share, payable on September 8, 2021.
BWX Technologies, Inc. (BWXT) is set to release its second quarter 2021 financial results on August 2, 2021, after the market closes. A conference call will follow at 5:00 p.m. EDT, allowing participants to join and access a supporting presentation online. BWXT, based in Lynchburg, Virginia, specializes in providing nuclear solutions across various sectors, employing approximately 6,700 individuals across 12 major sites in the U.S. and Canada. The company is involved in numerous joint ventures with the U.S. Department of Energy and NASA.
BWXT Medical Ltd. announced a long-term agreement with Boston Scientific to manufacture TheraSphere™ Y-90 Glass Microspheres, aimed at treating hepatocellular carcinoma (HCC). The deal includes substantial investment to automate production at BWXT's Ottawa facility, enhancing capacity to meet growing demand. This follows Boston Scientific's recent FDA PMA approval of TheraSphere, which increases patient access to this treatment. BWXT cautions that various risks may affect production and demand for TheraSphere.
BWX Technologies reported Q1 2021 revenue of $528 million, down 2.6% from $542 million in Q1 2020. Net income was $69.7 million ($0.73 per diluted share), a decrease from $75.5 million ($0.79 per diluted share) year-over-year. The Nuclear Operations Group faced a 5.1% revenue decline, while the Nuclear Power Group saw a 22% increase. The company generated $98.4 million in cash from operations, compared to a $6.4 million loss in Q1 2020, and declared a $0.21 dividend per share. BWXT reiterated 2021 guidance for revenue and non-GAAP EPS between $3.05 and $3.20.
BWX Technologies, Inc. (NYSE: BWXT) has enhanced its technical fellows initiative by selecting 25 new employees, recognizing their scientific and engineering contributions. The fellows, seen as senior technical leaders, will provide ongoing technical guidance and mentor future talent. This initiative aims to leverage expertise to strengthen workforce excellence and promote diversity in leadership. The program spans various business segments in the U.S. and Canada, focusing on areas like nuclear safety, automation, and engineering. BWXT is committed to fostering innovation and technical excellence.
BWX Technologies (NYSE: BWXT) has secured U.S. Naval Nuclear Propulsion Program contracts worth approximately $2.2 billion, including future options, for producing naval nuclear reactor components and fuel. This continues a long-standing partnership with the U.S. government spanning over 65 years. The contracts, initiated in 2021, will be fulfilled over an 8-year period across multiple facilities in Virginia, Ohio, and Indiana. The projects are vital for the Columbia and Virginia-class submarines, supporting U.S. strategic defense.
BWX Technologies, Inc. (BWXT) has announced a webcast to discuss its first quarter 2021 results on May 4, 2021, at 9:00 a.m. EDT. A press release detailing the results will follow after market close on May 3.
Listeners can join via www.bwxt.com/investors. Dial-in numbers for participants are (U.S.) 844-850-0542 and (International) 412-317-6014. A replay will be available on the BWXT website for a limited time.
BWX Technologies, Inc. (NYSE: BWXT) has successfully closed a $400 million offering of 4.125% senior notes due 2029. The Notes are guaranteed by its wholly owned subsidiaries. Proceeds will be utilized to redeem the outstanding 5.375% senior notes due 2026 and repay credit facility debt. Any remaining funds will be held in cash or short-term investments. The release includes forward-looking statements and cautions against undue reliance on them. Further risk factors can be found in BWXT's SEC filings.
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